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Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
Satisfied Customers: 1257
Experience:  I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
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What is the one time spouse gift exemption and

Customer Question

What is the one time spouse gift exemption and how does it work? I need to know what forms to fill out. My husband gave me a gift of $120000 as a wedding gift and I put it toward our house. What forms do I need to fill out for the tax exemption?
Submitted: 9 years ago.
Category: Tax
Expert:  Bill replied 9 years ago.

You or your husband are not required to file any forms with the IRS. Gifts of a present interest (which cash is) between spouses can be unlimited. However, any gifts between nonspouses would require the transferor to file a gift tax return (IRS Form 709) if the gift exceeded $12,000.

Expert:  Sandi Hargrove, SkyHawks replied 9 years ago.

Congratulations on your marriage.

No gift tax return (Form 709) is needed if you and your husband were USA citizens or resident aliens at the time of the gift. There is an unlimited allowable amount of "present interest" (not future interest such as capital gain, etc) for spouses.

Be aware that the regular 12000 per year limit for gifts does still stand if either of you were nonresident aliens at the time of the gift. Form 709 would need to be filed to report 108000 as a gift (120000 - 12000 = 108000) by him if this is your situation.